Related Categories

How to find the spending/saving balance with your bet winnings

So, you’ve made a bet and luck was on your side and now you can cash out. Lucky you! But before you fly out on your next holiday or decide to quit your job, it’s a good idea to step back and think about how you’re going to use this money. After all, there’s nothing worse than looking in your bank account after a week and realising that somehow, you’ve frivolously spent all of your money on meaningless items or experiences you don’t even remember. That’s why it’s important to try and strike the balance between saving your money and spending it. It’s good to have fun now, but later down the line, you’ll be thanking yourself when something bad happens and you’ve got a bit of a cushion.

Don’t Spend It Straight Away

There’s a lot of different ways that you can come into money, and with big lottery sites like Lottoz offering easy ways to come into money from your own home, when it does happen to you, it can almost not seem real.

Because of this, a lot of people tend to spend their money very quickly, but this is a big mistake. Take at least a day to get your winnings, place them in a secure savings account, and then decide what you’re going to do with them.

Think About Your Priorities

When you come into some money, it can be tempting to go out and have fun with it, but reality is always around the corner and you need to think about your priorities. What are the most important things to you in your life and what can you do to help them. If you have a family or debts to pay off, you’ll probably want to put at least a little money towards them.

Decide How Much You Can Spend

Once you’ve sorted out who or what your priorities are, the next step is to decide how much you can actually spend. Try to deduct more than you’ll actually need from your money to go into savings and don’t go overboard. Once you’ve done that, you’re good to go, but spend it wisely on something you’ll actually enjoy and don’t let others pressure you. You can use budget planners such as the one on Money Advice Service to do this.

Put the Money Straight in Savings

The money that you don’t spend straight away, put straight into a savings account and leave it there. Make sure it’s not too easy for you to access it so that you are less tempted to dip in and spend the money on frivolous things like coffee. Remember: this money is going towards your future, it’s important to keep it safe. You can reward yourself later.

Don’t Forget to Have Fun

At the end of the day, no matter how much you’ve won, you’ve been given some money and that should be something to celebrate. It’s not every day that someone hands you cash without you having to work for it, so make sure you use this opportunity to treat yourself!